Guidelines for Financial Freedom

When you’re trying to pay off debt, one of the greatest challenges can be managing your finances in the best way possible.

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Elizabeth Hoyt

Elizabeth Hoyt is the editor of MonsterCollege as well as a contributing writer and social media manager.

She holds a Bachelor of Arts degree from Michigan State University, where she majored in Journalism, specializing in Apparel and Textile Design.

Her experience in the communications field spans both print and online publications, including newspaper and magazine writing as well as work within marketing, public relations and the non-profit sector.

In her spare time, Elizabeth can usually be found in Chicago’s local vintage markets scoping out rare finds, vegetarian restaurants, volunteering at local animal shelters or elbows deep in creative projects within her Lincoln Park apartment.

Always pay your bills when they are due, even if you can only afford a minimum payment. Do this no matter what it takes!

If you don’t, your credit score will decline, leaving you will a whole onslaught of issues.

Keep this in mind: if your credit score declines, your minimum payments and interest rates can raise, making it even harder to stay on top of your payments.

Not to mention that it will also make future <a href="http://www.fastweb.com/financial-aid’>borrowing for important “adult” things, like cars and houses, much more difficult, if not impossible.

In other words, you’ll end up owing more money for borrowing the same amount. That simply isn’t logical!

Remember, your credit score follows you through life and takes a very long time to turn around!

Rule #4: Always stay diligent

There’s nothing wrong with being anal retentive about your bills and payments, if you need to be.

If you find yourself forgetting to make payments, set up automatic payment methods or, at the very least, pay your bills within the week of receiving them to ensure that you won’t forget about them or put them on the back burner.

Rule #5: Extra income isn’t a surplus when you have debts to pay

If you happen to gain access to extra funds, remember that it’s not time to go shopping or splurge on yourself!

When you borrowed, you technically started out with a negative balance since none of the money is actually yours.